VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

September 05, 2013 10:47 ET

North American Nickel Extends Near Solid to Solid Sulphide Mineralization at Imiak Hill, Maniitsoq, South-West Greenland

24.75m of significant sulphide mineralization intersected in drill hole MQ-13-028 Mineralization remains open

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 5, 2013) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS Ventures" or the "Company") is pleased to announce that North American Nickel Inc. (TSX VENTURE:NAN) ("North American Nickel" or "NAN"), issued a press release this morning announcing diamond drill hole MQ-13-028 at Imiak Hill intersected a 24.75 metre core length of near solid-solid sulphide mineralization averaging approximately 35 - 40% total sulphides within noritic host rocks. VMS owns approximately 27.5% of NAN. The release is as follows:

"North American Nickel is pleased to announce that diamond drill hole MQ-13-028 at Imiak Hill intersected a 24.75 metre core length of near solid-solid sulphide mineralization averaging approximately 35 - 40% total sulphides within noritic host rocks. The Maniitsoq nickel-copper-cobalt & PGM project in southwest Greenland contains the 70km long Greenland Norite Belt (GNB) and is 100% owned by North American Nickel.

The intersection in MQ-13-028 is the deepest of four significant sulphide intersections made at Imiak Hill this year and extends Zone 30's significant near solid to solid sulphide mineralization ~35 metres further down plunge from hole MQ-12-026 to an overall vertical depth of 185 metres. (See figures 1, 2 and 3). The mineralization remains open at depth.

The sulphides in MQ-12-028 were contained within two intervals of mineralized norite. The first is 17.91m long and averages 40-45% sulphide and the second is 2.40m long and contains 50-60% sulphide. The two intervals are separated by 4.44m of leucogabbro. The entire intersection is summarized in the table below.

From
(m)
To
(m)
Length
(m)
Description
182.09 183.59 1.50 Norite, well mineralized 60-70% total sulphide
183.59 187.85 4.26 Norite, mineralized 25-30% total sulphide
187.85 190.87 3.02 Norite, well mineralized 65-75% total sulphide
190.87 192.07 1.20 Norite, well mineralized 40-50% total sulphide
192.07 193.80 1.73 Norite, well mineralized 60-70% total sulphide
193.80 195.14 1.34 Norite trace to 1% total sulphide
195.14 200.00 4.86 Norite, well mineralized 40-50% total sulphide
200.00 204.44 4.44 Leucogabbro
204.44 206.84 2.40 Norite, well mineralized 50-60% total sulphide

Note: the visual percent sulphide estimates and descriptions in this news release are not intended to suggest grades of contained metals, which will require assaying to determine. Mineral percentages are volume not weight.

MQ-13-028 was drilled to test an extremely strong "step response" type of anomaly extending below the diamond drill hole MQ-13-026, which intercepted 18.62 m of mineralized norite containing an average of 40 to 45% total sulphides within Zone 30 at Imiak Hill (see NAN August 23/13 press release for details on Zone 30 and the previous three intersections).

MQ-13-028 was surveyed with a 3 component bore hole EM (BHEM) system and this mineralization has also produced an extremely strong "step response" type of anomaly. The interpretation of the anomaly, by Crone Geophysics and Exploration Ltd, indicates that the mineralization continues further down plunge at Imiak Hill. Drill core for MQ-13-028 has been logged, samples sawed in half and shipped to ALS Chemex in Sweden for analysis.

NAN CEO, Rick Mark, states: "We are extremely pleased with the continuity of the near solid to solid sulphide mineralization at Imiak Hill that we have discovered this year. It has now been intersected from near surface to below 185 metres in depth and the borehole survey tells us it remains open down plunge. That fits the nickel deposit model we are following. The Company's technical team, led by COO Neil Richardson, Chief Geologist John Pattison and Project Manager James Sparling, continues to deliver results for our shareholders."

As described in the August 23/13 press release, NAN has now delineated three, closely spaced, north-trending, near vertically dipping, steeply south-plunging mineralized zones at Imiak Hill. From east to west the zones have been provisionally named 10, 20 and 30 as shown in plan in Figure 1 and in three dimensions in Figure 2. The mineralization in MQ-13-028 correlates with Zone 30, as do the other three sulphide intersections made at Imiak in 2013. A composite longitudinal section through Imiak Hill showing the locations of all intersections to date is included in Figure 3.

Since commencing the 2013 field program in late June, NAN has drilled 22 holes totaling 3,711 meters at Maniitsoq. The drill has now been moved from Imiak Hill to test other high priority, norite-associated electromagnetic anomalies prior to the end of the field season.

Collar coordinates for all of the Company's drill holes at Imiak are listed in the table below.

Hole Number East
(m) *
North (m)* Elevation
(masl)
Azimuth
(°)
DIP
(°)
Length
(m)
MQ-12-001 477455 7257225 546 275 -45 106.07
MQ-12-002 477455 7257225 546 275 -70 173.12
MQ-12-003 477485 7257186 543 275 -73 292
MQ-12-004 477459 7257260 540 275 -45 95.4
MQ-13-019 477484 7257189 546 275 -55 176
MQ-13-020 477490 7257141 532 275 -62 209
MQ-13-023 477484 7257215 547 275 -59 188
MQ-13-024 477497 7257174 547 275 -59 197
MQ-13-025 477482 7257238 538 269 -45 122
MQ-13-026 477490 7257141 532 295 -65 215
MQ-13-028 477507 7257144 535 278 -67 287

*WGS84 UTM Zone 22N

Qualified Person

All technical information in this release has been reviewed by Dr. Mark Fedikow, P.Geo, who is the Qualified Person for the Company and President, North American Nickel Inc."

About VMS Ventures Inc:

VMS Ventures Inc. is focused primarily on acquiring, exploring and developing copper-zinc-gold-silver massive sulphide deposits in the Flin Flon-Snow Lake VMS Belt of Manitoba. The Company's VMS project property portfolio consists of the Reed Copper Project, which is subject to a 70-30 JV with HudBay Minerals and, subject to receipt of required permits, is scheduled for production in Q4-2013, Copper Project, McClarty Lake Project, Sails Lake Project, Puella Bay Project and Morton Lake Project. Outside of the Snow Lake camp, the Company holds massive sulphide prospective properties near the past producing Fox Lake and Ruttan copper-zinc mines, near the communities of Lynn Lake and Leaf Rapids in northern Manitoba. These properties are located in the mining friendly province of Manitoba, Canada. The Company also has optioned the Black Creek property in the Sudbury mining camp.

VMS Ventures owns approximately 27.5% of North American Nickel Inc. (TSX VENTURE:NAN). For more information on North American Nickel Inc., please visit www.northamericannickel.com.

Forward-Looking Statement

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding the costs, plans and schedule to develop the Reed Copper Project, potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. VMS Ventures Inc. undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark, CEO and Chairman

VMS Ventures Inc.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/VMSfigs.pdf.

Contact Information

  • VMS Ventures Inc.
    Evan Sleeman
    Director
    (604) 986-2020 or Toll Free: 1-866-816-0118
    www.vmsventures.com